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previous years' salary
If salary is increased with retrospective effect in private ltd company then amount incurred for previous years would be an allowable expense for current year?
Replies (2)
Yes, it is an allowable exp for current year.
salary arrears must be charged on due basis. However, there are circumstances when it may NOT BE POSSIBLE to bring the same to charge due basis.
In that case - arrears received is chargeable to tax on receipt basis. Here also, RELEIF U/S 89(1) is available
In that case - arrears received is chargeable to tax on receipt basis. Here also, RELEIF U/S 89(1) is available
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